证券代码：300285 证券简称：国瓷材料 山东国瓷功能材料股份有限公司 投资者关系活动记录表 编号：DY2024-005 特定对象调研 分析师会议 □媒体采访 □业绩说明会 投 资 者 关 系活 □新闻发布会 □路演活动 动类别 现场参观 □其他（请文字说明其他活动内容） 高盛：郑睿丰 淡马锡：王舒怡 富达投资：李瑞鹏 参 与 单 位 名称 及人员姓名 新加坡政府投资：刘濯宇 景林资产：蒋文超 时间 2024 年 8 月 26 日 9：30-11：00 地点 国瓷材料办公楼 董事长：张曦 副总经理兼董事会秘书：许少梅 上 市 公 司 接待 证券投资部总经理：胡俊 证券事务代表：黄伟 人员姓名 证券事务专员：赵异楠 1、精密陶瓷业务的未来规划？ 回复：精密陶瓷器件同时具备声、光、电、热、机械等综合性能的调 整能力，尤其是 AI、功率半导体、新能源汽车等领域的快速发展都面临 因高功率密度、高可靠性要求的功能或结构设计问题，陶瓷器件是问题解 决和性能优化的关键，所以公司精密陶瓷业务未来将重点围绕这些领域发 投 资 者 关 系活 展。我们业务发展的两个主轴就是实施高端陶瓷材料和器件的国产化替 动 主 要 内 容介 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][5] Core Views - The company achieved positive growth in both operating revenue and net profit attributable to the parent company in the first half of 2024, with operating revenue reaching 1.95 billion yuan, a year-on-year increase of 5.57%, and net profit of 330 million yuan, a year-on-year increase of 3.60% [4][5] - The company has six business segments that are progressing well, including biomedical materials, catalytic materials, electronic materials, and architectural ceramics, with notable growth in the catalytic materials segment [5][6] - The company is expected to see continued growth in net profit, with forecasts of 730 million yuan, 850 million yuan, and 997 million yuan for 2024, 2025, and 2026 respectively, with an estimated EPS of 0.73 yuan, 0.85 yuan, and 1.00 yuan for the same years [6][9] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 1.13 billion yuan in Q2, a year-on-year increase of 5.82% and a quarter-on-quarter increase of 36.3%, with net profit of 200 million yuan, a year-on-year increase of 0.83% and a quarter-on-quarter increase of 47.77% [4][5] - The company’s revenue from the biomedical materials segment was 440 million yuan, a year-on-year increase of 6.07%, while the catalytic materials segment generated 410 million yuan, a year-on-year increase of 21.2% [5] Business Segments - The electronic materials segment is rapidly industrializing products such as end electrode copper paste and thin-layer high-capacity nickel paste, aiming for domestic substitution [5] - The catalytic materials segment is capitalizing on structural opportunities in the natural gas heavy truck market and has successfully entered the supply chain of overseas commercial vehicle head customers [5] - The company is enhancing its integrated advantages in the precision ceramics segment, focusing on core materials to build a comprehensive ceramic substrate industry platform [5][6] Profit Forecast and Valuation - The company’s projected net profits for 2024-2026 are 730 million yuan, 850 million yuan, and 997 million yuan, with a reasonable valuation range of 18.25 to 21.90 yuan based on a PE ratio of 25-30 times for 2024 [5][9]

证券研究报告| 公司动态点评 2024 年 08 月 06 日 国瓷材料（300285.SZ） 1H24 业绩符合预期，各业务板块多点开花，关注公司成长性 | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3,167 | 3,859 | 4,623 | 5,597 | 6,118 | | 增长率 yoy（%） | 0.2 | 21.9 | 19.8 | 21.1 | 9.3 | | 归母净利润（百万元） | 497 | 569 | 755 | 937 | 1,162 | | 增长率 yoy（%） | -37.5 | 14.5 | 32.6 | 24.1 | 24.0 | | ROE（%） | 8.4 | 9.1 | 10.8 | 12.0 | 13.1 | | EPS 最新摊薄（元） | 0.50 | 0.57 | 0.75 | 0 ...

Investment Rating - The report maintains an "Overweight" investment rating for the company [4][7]. Core Views - The company has shown a recovery in its main business, with new products being successfully launched, resulting in both year-on-year and quarter-on-quarter growth in performance [7]. - The company is positioned as a platform enterprise in the domestic new materials sector, implementing a dual strategy of "internal growth + external mergers and acquisitions" [7]. - The financial forecasts for earnings per share (EPS) for 2024-2026 have been adjusted to 0.76, 0.95, and 1.13 yuan respectively [7]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 1.953 billion yuan, a year-on-year increase of 5.57%, and a net profit attributable to shareholders of 330 million yuan, up 3.6% year-on-year [7]. - The second quarter of 2024 saw operating revenue of 1.127 billion yuan, a year-on-year increase of 5.82% and a quarter-on-quarter increase of 36.3% [7]. - The company’s main business segments, including catalytic materials and precision ceramics, have shown significant growth, with the catalytic materials segment achieving revenue of 618 million yuan, up 22.13% year-on-year [7]. - The gross profit margin for the catalytic materials segment was 28.66%, reflecting a slight year-on-year increase [7]. - The precision ceramics segment reported revenue of 164 million yuan, a year-on-year increase of 34.34%, with a gross profit margin of 31.27% [7]. - The new energy materials segment achieved revenue of 173 million yuan, up 38.51% year-on-year, with a gross profit margin of 20.85% [7]. Future Outlook - The company is expected to benefit from the implementation of the National VI emission standards, which will drive growth in the honeycomb ceramic business [7]. - The company is actively optimizing its process flows and enhancing product quality in the new energy materials sector, leading to rapid improvements in production and sales levels [7]. - The report indicates that the company’s core business trends are positive, with new projects gradually ramping up production, suggesting a promising future for the company [7].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company achieved a record high quarterly revenue of 1.127 billion yuan in Q2 2024, with a year-on-year growth of 5.8% and a quarter-on-quarter growth of 36.3%. The net profit attributable to shareholders for the same quarter was 197 million yuan, reflecting a year-on-year increase of 0.8% and a quarter-on-quarter increase of 47.8% [6]. - The report highlights that the company's gross margin improved by 2.39 percentage points year-on-year to 39.89% in the first half of 2024, driven by growth in segments such as ceramic inks and precision ceramics [6]. - The electronic materials segment reported a revenue of approximately 279 million yuan in the first half of 2024, a decline of 2.2% year-on-year, primarily due to lower-than-expected shipments of electronic-grade zirconia powder [6]. - The catalyst materials segment saw a revenue increase of 21.2% year-on-year to 406 million yuan, mainly due to higher sales of honeycomb ceramics and cerium-zirconium solid solutions [6]. - The biomedical segment generated a revenue of 439 million yuan, a year-on-year growth of 6.1%, although the gross margin decreased by 4.2 percentage points to 57.91% due to production adjustments [6]. - The precision ceramics segment is expected to achieve a revenue of 400 million yuan in 2024, with a projected year-on-year growth of over 50% [6]. Summary by Sections Financial Performance - The company reported a total revenue of 1.953 billion yuan in the first half of 2024, a year-on-year increase of 5.6%. The net profit attributable to shareholders was approximately 330 million yuan, reflecting a year-on-year growth of 3.6% [7]. - The gross margin for the first half of 2024 was 39.9%, with a return on equity (ROE) of 5.1% [7]. Revenue Projections - The company forecasts total revenue of 4.478 billion yuan for 2024, with a year-on-year growth rate of 16%. The net profit is projected to reach 734 million yuan, indicating a growth rate of 29% [7]. - The earnings per share (EPS) is expected to be 0.74 yuan in 2024, with a price-to-earnings (PE) ratio of approximately 25 [7]. Segment Analysis - The electronic materials segment is anticipated to benefit from the recovery in consumer electronics demand, with an estimated annual sales volume exceeding 7,000 tons [6]. - The catalyst materials segment is positioned for growth due to increasing demand from domestic and international automotive manufacturers [6]. - The biomedical segment is expected to stabilize as the company expands its product lines and market presence through recent acquisitions [6].

丨证券研究报告丨 公司研究丨点评报告丨国瓷材料（300285.SZ） [Table_Title] 蜂窝陶瓷延续高增，其他业务条线持续恢复 报告要点 [Table_Summary] 公司发布 2024 半年报，上半年实现收入 19.5 亿元（同比+5.6%），实现归属净利润 3.3 亿元 （同比+3.6%），实现归属扣非净利润 3.1 亿元（同比+8.8%）。2024Q2 实现收入 11.3 亿元（同 比+5.8%，环比+36.3%），实现归属净利润 2.0 亿元（同比+0.8%，环比+47.8%），实现归属扣 非净利润 1.9 亿元（同比+2.6%，环比+54.9%）。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 国瓷材料（300285.SZ） [Table_Title2] 蜂窝陶瓷延续高增，其他业务条线持续恢复公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary ...

| 股东名称 | 是否为公司第 一大股东或实 | 解除质押股数 | 占其所持股份 | 占公司总股本 | 质押开始日期 | 解除质押日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 际控制人 | （股） | 比例 | 比例 | | | | | 张曦 | 是 | 10,160,000 | 5.009% | 1.019% | 2023.08.17 | 2024.08.01 | 中信证券股份有限 | | | | | | | | | 公司 | | 张曦 | 是 | 1,170,000 | 0.577% | 0.117% | 2024.01.08 | 2024.08.01 | 中信证券股份有限 | | | | | | | | | 公司 | | 张曦 | 是 | 1,080,000 | 0.532% | 0.108% | 2024.01.22 | 2024.08.01 | 中信证券股份有限 | | | | | | | | | 公司 | | 张曦 | 是 | 2,290,000 | 1.129% | 0.230% | 2024.02.05 | 2 ...

国瓷材料（300285.SZ）：盈利保持 增长，多板块驱动长期成长 | --- | |-------------------| | 2024 年 8 月 1 日 | | 强烈推荐/维持 | | 公司报告 | 国瓷材料发布 2024 年半年报：公司上半年实现营业收入 19.53 亿元， YoY+5.57%，归母净利润 3.30 亿元，YoY+3.60%。 主要业务板块经营较好，带动公司盈利提升。从收入端看，上半年公司电子材 料板块营收小幅下降 2.19%，催化材料板块营收大幅增长 21.2%，生物医疗材 料板块营收增长 6.07%。从利润端看：公司上半年综合毛利率同比提升 2.39 个百分点至 39.89%，带动公司净利润实现增长。 公司重点业务板块发展较好。①电子材料板块：MLCC 介质粉体复苏延续，电 子浆料国产替代加速推进；②催化材料板块：蜂窝陶瓷载体、铈锆固溶体等产 品保持持续增长，积极推进乘用车领域的产品应用；③生物医疗板块：基本完 成了海外红筹架构搭建，未来将强化产品多元化布局；④新能源材料板块：氧 化铝、勃姆石销量快速提升，成为客户的主要供应商之一；⑤精密陶瓷板块： 陶瓷球新产能逐步爬坡，市场开拓 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2024-065 山东国瓷功能材料股份有限公司 关于继续回购公司股份的进展公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"）于2024年2月5日召开第五 届董事会第十三次会议和第五届监事会第十三次会议，审议并通过了《关于继续回 购公司股份方案的议案》，公司使用自有资金以集中竞价交易的方式回购部分公司 股份，用于股权激励计划或员工持股计划。本次回购的资金总额不低于人民币10,000 万元（含）且不超过人民币20,000万元（含），回购价格不超过人民币25元/股（含）。 回购股份的实施期限自董事会审议通过本次回购股份方案之日起不超过12个月。本 次回购股份事项在董事会审批权限内，无须提交股东大会审议。具体内容详见公司 于2024年2月6日在巨潮资讯网披露的相关公告。 一、股份回购进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，上市公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购进展情况公告如下 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company achieved a revenue of 1.953 billion yuan in H1 2024, representing a year-on-year increase of 5.57%, with a net profit attributable to shareholders of 330 million yuan, up 3.60% year-on-year [1]. - The catalyst materials and precision ceramics segments are driving growth, with the catalyst materials segment generating 406 million yuan in revenue for H1 2024, a year-on-year increase of 21.20% [1]. - The electronic materials segment continues to recover, with H1 2024 revenue of 279 million yuan, a slight decline of 2.19% year-on-year, but with an improved gross margin of 35.58% [1]. - The biomedical materials and construction materials segments are expanding globally, with the biomedical materials segment achieving revenue of 438 million yuan in H1 2024, a year-on-year increase of 6.07% [1]. - The company is expected to achieve net profits of 725 million yuan, 911 million yuan, and 1.139 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26x, 21x, and 17x [1]. Financial Performance Summary - H1 2024 revenue: 1.953 billion yuan, +5.57% YoY [1] - H1 2024 net profit: 330 million yuan, +3.60% YoY [1] - Q2 2024 net profit: 197 million yuan, +0.83% YoY, +47.77% QoQ [1] - Catalyst materials revenue: 406 million yuan, +21.20% YoY [1] - Electronic materials revenue: 279 million yuan, -2.19% YoY [1] - Biomedical materials revenue: 438 million yuan, +6.07% YoY [1] - Projected net profits for 2024-2026: 725 million, 911 million, 1.139 billion yuan [1][2].